What is foreclosure redeemed What does “foreclosure redeemed” mean? When a lender forecloses on a property, the homeowner has one last chance to stop the foreclosure. They can do this by paying off the entire mortgage balance, as well as legal costs incurred by the foreclosure. Doing this is called redemption, and there is usually a 6-month period during which you, as a home owner can collect the money needed to redeem the foreclosure. Often (but not always) the foreclosure will then be noted on the home owner’s credit report as “redeemed” — indicating the home owner successfully stopped the – – Read More..
What is foreclosure mediation? It’s a program which has been implemented in several US states, following the housing crisis, which aims to help borrowers keep their homes or leave them as painlessly as possible. The idea behind foreclosure mediation is that by putting the borrower, the lender, and an impartial mediator in the same room, it’s often possible to reach an agreement to either modify the payment terms so the borrower can bring it current, or to agree on a way for the homeowner to leave the property without going through foreclosure. For example, a homeowner who cannot possibly bring – – Read More..
What is foreclosure defense? Foreclosure defense is a relatively new legal specialty, primarily in the US, which has gained considerably in popularity following the 2009 housing crisis. The art of foreclosure defense is to locate errors, negligence, or even deliberately illegal behaviour on the part of the bank or lender that can often result in the bank being forced to negotiate a loan modification. In other cases, foreclosure defense may simply involve the attorney negotiating directly with the bank for a short sale or loan modification, or devising a strategy (such as certain types of bankruptcy) that protects the home – – Read More..
Strict foreclosure, by definition, is a form of judicial foreclosure where the lender asks the court for title to the home, rather than having a court-ordered sale. The main difference is that at the end of the process the lender ends up with title to the property and has no obligation to sell it, whereas in a conventional judicial foreclosure the court usually sells off the property and then distributes the proceeds to the lender and any other lien holders. Strict foreclosure is actually the original type of foreclosure, but nowadays it is much less widely used. It is not – – Read More..
Pre Foreclosure Definition – A pre-foreclosure, by definition, is real estate owned by someone who is in danger of being foreclosed on by the lender, usually because they have fallen behind on their mortgage payments. Many of these properties are “sold short,” at below market value — this means Canadian pre-foreclosure listings are in high demand, since sellers can make good profits buying these properties. How Pre-Foreclosure Works A pre-foreclosure in Canada starts when the homeowner has missed one or more payments and is now considered delinquent or in default on the loan. Pre-foreclosures are sometimes known as Lis Pendens – – Read More..
The most common foreclosure definition in English is something like the following: it is a legal action the lender may take if someone who borrowed money using a mortgage stops paying that mortgage back. Foreclosures allow the lender to either sell off or take possession of the property (after obtaining permission from a court) in order to recoup the money they originally lent out. Important to understand is that the property owner will not automatically lose the property if they are late on a payment or miss one entirely. Lenders, in general, would prefer to avoid foreclosure if possible — – – Read More..
A deed-in-lieu of foreclosure in Canada is one alternative to going through the long, expensive, and painful foreclosure process. A deed-in-lieu of foreclosure, by definition, is when you are otherwise facing foreclosure and agree to voluntarily sign over the deed to your property to the bank. At this point you vacate the home and they are free to sell it off without having to pay court or legal costs to force you out. A deed-in-lieu of foreclosure is not a full foreclosure. As part of this process the lender will agree to forgive any part of the loan that they – – Read More..
Facing foreclosure what to do If a bank or lender threatens you with foreclosure, what are your options? Are there foreclosure alternatives available? In general, the answer is yes — it may even be possible to stay in your home. Foreclosure options are available that can prevent the black mark on your credit record that often results from a court-ordered sale, and if you choose your path right you may even come out of the process with a better credit score than when you started. How is this possible? Before we go into details, first, it’s important understand a few – – Read More..
Foreclosure Prevention Services Program Yes, foreclosure prevention is possible. In fact, if you choose your options right, not only can you prevent the bank from foreclosing on your home — you can also emerge from the process with a better credit score than when you started! At the same time, the fact is that many homeowners tend to adopt a “deer in the headlights” approach to handling an impending foreclosure. Not only is this an ineffective foreclosure prevention strategy, but it often makes the situation much worse. In order to understand how foreclosure prevention works, however, it’s important to know – – Read More..
After foreclosure, how long to eviction? How long before foreclosure starts? Foreclosure Procedure in Canada When Does A Foreclosure Start? What happens when you go into foreclosure? How Long Does Foreclosure Take? Stopping Foreclosure The answer is, it depends. First of all, it is important for any homeowner facing foreclosure…